https://www.taxtmi.com/caselaws?id=379889 Penalty under section 271(1)(c) is sustained where the assessee's explanation for cash deposits is unsupported by evidence and remains unsubstantiated in assessment or penalty proceedings. The article also notes that a penalty notice under section 274 is not invalid merely because the inapplicable limb is not struck off, if the charge is otherwise clear from the assessment and penalty records and no prejudice is shown. On the capital gains issue, treating leasehold land as part of a depreciable block was held to be plainly incorrect, so the failure to offer long-term capital gain was not a bona fide or debatable claim. en-us Tue, 30 Apr 2019 00:00:00 +0530 Wed, 08 May 2019 10:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379889 Penalty under section 271(1)(c) is sustained where the assessee's explanation for cash deposits is unsupported by evidence and remains unsubstantiated in assessment or penalty proceedings. The article also notes that a penalty notice under section 274 is not invalid merely because the inapplicable limb is not struck off, if the charge is otherwise clear from the assessment and penalty records and no prejudice is shown. On the capital gains issue, treating leasehold land as part of a depreciable block was held to be plainly incorrect, so the failure to offer long-term capital gain was not a bona fide or debatable claim. Case-Laws Income Tax Tue, 30 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379889